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 Sumitomo main building | |
| Industry | Conglomerate |
|---|---|
| Founded | 1590; 435 years ago (1590) |
| Founders | Sumitomo Masatomo |
| Headquarters | Tokyo, Japan |
| Products | Current or former Sumitomo Group members |
Number of employees | 632,000 |
| Website | Sumitomo Group Public Affairs Committee |
TheSumitomo Group (Japanese:住友グループ,Hepburn:Sumitomo Gurūpu) is a group of autonomous Japanesemultinational companies.
The Sumitomo Group traces its roots to a bookshop inKyoto founded circa 1615 byMasatomo Sumitomo, a formerBuddhist monk.[1] Even today, management of the group is guided by his "Founder's Precepts", written in the 17th century.[1]
Copper refining made the company famous. Riemon Soga, Masatomo Sumitomo's brother-in-law, learnedWestern methods of copper refining. In 1590, he established a smelting business,Izumiya, literally meaning "spring shop".[1] Riemon perfected techniques that allowed the extraction ofsilver fromcopper ore, something Japanese technology had not previously accomplished.[1]
The smelting and smithing business was moved from Kyoto toOsaka by the late 17th century.[1] Soga passed control of the company to his son Tomomochi who managed its transformation into a major trading house[2] during theEdo period.[3] Sumitomo began to export copper,[4] importsilk,[4] and provide financial services.[5] By 1691,copper mining had been added to the portfolio.[6][7][8]
TheMeiji Restoration allowed Sumitomo to import and utilize Western machines and techniques in its mines.[6] Sumitomo soon branched out into even more business areas entering the machine and coal industries, as well as the forestry, banking and warehousing businesses[6] becoming azaibatsu,[3] or business conglomerate.
After World War II, the Japanesezaibatsu conglomerates, including Sumitomo, were dissolved by theGHQ and the Japanese government. The group reformed as akeiretsu, a group of independent companies organized aroundThe Sumitomo Bank (nowSumitomo Mitsui Banking Corporation) and bound together bycross shareholding.
Many companies continue to use the wordSumitomo in their corporate names. Most of them are managed independently and listed atTokyo Stock Exchange (TSE) and other stock exchanges with highly dispersed shareholders. For some, the name only shows their historic origin, and they are no longer considered part of the Sumitomo Group.
In 1982, Sumitomo reported an energy conservation program.[9]
Thediamond-shapedigeta mark is reminiscent of a type of frame placed over a well in premodern Japan and was the logo of Riemon Soga'sIzumiya company.[1]
*Nikkei 225 constituent company.
Members ofHakusuikai arebolded. Hakusuikai is an association of the presidents of the Sumitomo companies. *Mitsui Group companies | ||
| Construction | | |
| Chemicals and pharmaceuticals | ||
| Rubber, glass and ceramics | ||
| Steel | ||
| Non-ferrous metals | ||
| Machinery | ||
| Electrical equipment | ||
| Trading | ||
| Finance and insurance | ||
| Real estate | ||
| Transport and warehousing | ||
| Information and communication | ||
